215 INTEGRATED ANNUAL REPORT 2025 ACCOUNTABILITY | NOTES TO THE FINANCIAL STATEMENTS 17. PROPERTY, PLANT AND EQUIPMENT (CONTINUED) (b) On 6 September 2024, YR Peru S.A.C, an indirect wholly-owned subsidiary of the Company signed the “Second Amendment to the SPA” to acquire the remaining shares from Verano Energy SpA (“Verano”) as the fulfilment of Milestone Payment 3 at the purchase consideration of approximately USD1 million (approximately RM4.6 million). As a result, the equity interest in Majes Sol. De Verano S.A.C (“Majes”) has increased from 51% to 100%, collectively owned by YR Peru S.A.C of 49% and YR Peru Limited of 51%. The Group has concluded that it had obtained control in Majes. Accordingly, the Group’s investment in Majes was reclassified from joint venture to wholly-owned subsidiary. This transaction has been accounted for as an asset acquisition rather than a business combination. Details of the asset acquisition and cash outflow are as follows: RM million Cash paid 5 Details of the assets acquired and liabilities assumed are as follows: RM million Construction work-in progress (assets acquired and liabilities assumed) 16 Less: Carrying amount of investment in joint venture derecognised (11) Net cash outflow on acquisition (included in cash flows from investing activities) 5 (c) On 30 January 2024, YR Peru S.A.C, an indirect wholly-owned subsidiary of the Company, completed the acquisition of GR Cortarrama S.A.C.. The acquisition is treated as an asset acquisition. Details of the purchase consideration are as follows: RM million Cash paid 117 Details of the assets acquired and liabilities assumed are as follows: RM million Cash paid 13 Construction work-in progress 251 Other receivables 43 Trade and other payables (190) Asset acquired and liabilities assumed 117
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